Senior Director of Risk, Audit, Compliance and Quality - South Shore Bank - Weymouth, MA

Job detailsJob TypeFull-timeIndeed's salary guideNot provided by employer$164K - $208K a year is Indeed's estimated salary for this role in Weymouth, MA. Full Job DescriptionDescription: Join the Bank that shares success with others! As a locally managed mutual bank, South Shore Bank is driven by the needs of communities rather than the demands of investors. You can help us serve as a trusted advisor to the people, businesses and organizations that make our communities stronger. We also provide a competitive benefit package with Medical, Dental, Vision, Flexible Spending, Dependent Care, Child Care Subsidy, Retirement, Life Insurance and many other benefits.
The CRO is a key position at South Shore Bank and is primarily responsible for oversight of Enterprise Risk Management, including Compliance Management and BSA/AML Compliance Programs, IT Security, fraud mitigation, third party vendor risk management and change control. The CRO will assess areas of concern identified by the bank’s various business unit managers and inform management team and Audit Committee of mitigation efforts needed or implemented. Additionally, responsible to develop, implement, and administer the Bank’s enterprise risk management programs. Creating, coordinating, and overseeing the regulatory compliance of the Bank with laws, regulations and rules governing operations and product offerings. This position is the executive accountable for enabling the efficient and effective governance of significant risks, and related opportunities, to a business and its various segments. Risks are commonly categorized as strategic, reputational, operational, financial, or compliance related. The Senior Director of Risk, Audit and Compliance is responsible to the Audit Committee and The Board for enabling the business to balance risk and reward. They coordinated the Bank’s Enterprise Risk Management approach. This position is responsible for assessing and mitigating significant competitive, regulatory, and technological threats to capital and earnings. The CRO roles and responsibilities vary depending on the size of the organization and industry. The position must work to ensure the first line, second line and third line are all coordinated to ensure the Bank is compliant with federal and state regulations. This position is responsible for the Bank’s risk management operations, including managing, identifying, evaluating, reporting, and overseeing the risks externally and internally to the organization and works diligently with senior management. They oversee, Audit, Risk, Compliance, BSA, AML and Information Security for the Bank.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Coaches, develops, directs, provides consistent feedback and conducts performance evaluations on those under direct supervision of the CRO. Oversees the Bank’s Risk Management program; serves as primary liaison for all regulatory examinations and all external and internal audits. Creates, reviews, and makes recommendations to the Management and the Audit Committee regarding the risk appetite statement and the establishment or revision of risk management policies approved by the Board. Responsible for responses to and follow-up of compliance audits of the Bank and supplying information to the Audit Committee. Provides oversight for the Bank’s Compliance Management Program, BSA/AML Compliance Program, Fair Lending, Internal Audit Program, IT security and fraud mitigation. Ensures appropriate operating policies/procedures and tracking mechanisms are in place. Responsible for IT risk management to include cyber security risk and information security. Analyzes and classifies risk as to frequency and potential severity, and measures monetary impact risk on the Bank. Prepares operational and risk reports for management review. Develops KPI and dashboards to ensure risks and trends are managed appropriately along with the assisting in appropriate business decisions as needed. Embraces technology and the use of data analysis and innovation to align systems with strategy and to achieve efficient execution and transparent reporting. Quickly responds to ad-hoc analysis requested by management. Develops policies and procedures for loss prevention and risk control. Directs and aids all business units for mitigation of risk and loss prevention. Develops and maintains an independent methodology for identifying, measuring, monitoring, and reporting risk within all areas of the bank and any affiliates. Identifies risk activities based on internal and external risk assessments Proactively informs management and the Audit Committee of emerging risks facing the Bank. Tracks findings from various internal and external audits and examinations and ensure corrective action has been taken Ensures that all Bank policies are reviewed and approved by the Board annually. Ensures that the Banks’ training materials for Enterprise Risk. Management related areas are current, relevant, and sufficient for the size and risk tolerance of the Bank. Coordinates the Audit program in consultation with COO and Audit Chair. Assists in the preparation of the Audit and Risk Committee meetings. Participates in various committees including Change Control, Vendor Management, Tech Steering and Compliance. Develops a deep understanding of the bank’s business strategies and risks associated with them. Contributes to establishing risk management policies, limits, standards, controls, metrics, and thresholds in consideration of the Bank’s strategic initiatives and goals. Coordinates internal and external audits as well as regulatory examinations. Researches federal and state banking laws and regulations, reviews the Bank’s policies and procedures, and ensures financial compliance with laws and regulations. Manages investigations that violate regulatory requirements. Manages the Privacy Officer and the AML/ BSA (Bank Secrecy Act Officer) responsible for developing, implementing, and administering all aspects of the Bank Secrecy Act Compliance Program. Provides oversite of the BSA Officer to ensure the Bank is ahead of any emerging compliance issues and consults and guides the Bank in the establishment of controls to mitigate risks. Works with the CRA (Community Investment Act Officer) to assist in in coordinating CRA record keeping for the any committee meetings on Board and regulatory reporting. Assists the Privacy Officer to ensure the proper monitoring and compliance with the Graham-Leach-Bliley Act (GLBA) provisions is in place. New Product / Service Approval process review. Operational Risk, including Anti-Fraud program. Third-Party Risk Management. Creates new value and protecting existing value for the overall Bank and for business units and operational areas by providing effective challenging and trusted risk assistance and advice, in a sustainable, repeatable, and efficient manner, to support growth and strategic objectives of the Bank. Effectively communicates risk levels, and the value of risk management, to Executive Management, Governance, Management, other colleagues, and other stakeholders; and addressing regulatory expectations. Living and sharing in the culture of shared success at South Shore Bank. The values of South Shore Bank are core to the institution and being able to practice them is critical to our success.
Supervises a team of employees. Coaching, mentoring, hiring, disciplining when required, and providing guidance to the team. Working collaboratively across all areas of the organization is important.
Consider this description to be the foundation of your job, not its boundaries. Expect to participate in internal and external training sessions and activities not described here which enhance the quality of service to the client.
. Requirements: To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
EDUCATION and/or EXPERIENCE 10+ years relevant experience; 8+ years risk management experience required. Banking experience is required, commercial banking experience highly preferred. Juris Doctor or Master’s, preferred. Extensive knowledge of all regulatory and compliance/risk policies and procedures. LANGUAGE SKILLS
Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to author reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the public.
Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, and percentages.
Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this Job, the employee is regularly required to sit and talk or hear. The employee is occasionally required to stand; walk; use sufficient hand, arm and finger dexterity or feel objects, tools, or controls. The employee must occasionally lift and/or move up to ten pounds. Specific vision abilities required by this job include close vision.
The noise level in the work environment is usually moderate.
It has been and will continue to be the policy of South Shore Bank to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, sex, color, religious creed, religion, national origin, citizenship status, age, disability, pregnancy, ancestry, military service, or veteran status, genetic or carrier status, marital status, sexual orientation, or any classification protected by applicable federal, state, or local laws.
At South Shore Bank, we believe that diversity and inclusion are critical to our future and our mission – creating a foundation for a creative workplace that leads to innovation, growth, and profitability. We believe in Shared success and We before Me. Through a variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives. Job Type: Full-timeHiring InsightsJob activityPosted today

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